
That’s according to Rightmove, which noted this is the largest jump in prices at the start of the year since 2020.
However, the property portal admitted that new seller asking prices are still nearly £9,000 below May 2024’s record, which it put down to constraints on buyer affordability.
Demand high
A record number of new sellers have come to market since Boxing Day, added Rightmove, which has given buyers the highest level of choice at the start of a year since 2015.
The number of new properties coming to the market is 11% ahead of the same period last year.
The number of buyers contacting agents about properties for sale since Boxing Day is 9% ahead of last year, and the number of sales being agreed over the same period is up by 11%.

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Housing market uncertainties remain
Despite the strong start to the year, there are uncertainties ahead, including the pace and number of interest rate drops and the impact of the stamp duty deadline on 31st March.
Mortgage rates are still causing affordability challenges, despite small falls. Rightmove’s weekly mortgage tracker shows that the average five-year fixed mortgage rate is now 4.75% compared with 4.78% at this time last year. And, although the average two-year fixed mortgage rate has improved, it is still 4.97%, down only slightly on last year’s 5.08%.
Colleen Babcock, property expert at Rightmove: “New sellers have started the year with a bang, with a record number coming to market not only on Boxing Day itself, but across the start of the year to date.
“We’ve also seen a strong start to the year in new seller asking prices, though given the higher-than-anticipated seller competition, we would expect this to slow down over the next few months. The record number of sellers we’re seeing is a double-edged sword. It’s encouraging to see so many sellers with the confidence to come to market, providing buyers with fresh choice.”
Matt Smith, mortgage expert at Rightmove: “The supply side of the market is showing encouraging trends, with a good level of new instructions coming onto the market for sale. Sellers are responding to the strong buyer demand and stable property prices, taking advantage of an opportune moment to list their homes.
“This healthy balance between supply and demand is fostering a dynamic marketplace, benefiting both buyers and sellers. If mortgages rates reduce notably, it could be a positive year ahead.”